Is Traverse City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Traverse City has remained a Seller's Market.
Housing Prices in Traverse City, MI
How much do homes in Traverse City, MI cost?
Median Sold Price
$425,000
$244/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Traverse City was $425,000 in May 2024, down 0.9% from last year, and the median price per square foot was $244.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $250K | $285K | +14.0% |
2 Bedrooms | $308.7K | $324.9K | +5.2% |
3 Bedrooms | $439.9K | $388.1K | -11.8% |
4 Bedrooms | $531K | $549.9K | +3.6% |
5+ Bedrooms | $905K | $727.4K | -19.6% |
Summary: Traverse City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14%, 2 bedroom homes increased by 5.2%, 3 bedroom homes decreased by 11.8%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes decreased by 19.6%.
Median Sold Price Compared To Nearby Cities
Peninsula Township | $875K | $965K | +10.3% |
Traverse City | $428.8K | $425K | -0.9% |
Garfield Charter Township | $375K | $365K | -2.7% |
East Bay Township | $429.8K | $370K | -13.9% |
Elmwood Charter Township | $552.5K | $471K | -14.8% |
Housing Supply in Traverse City, MI
How many homes are available in Traverse City, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
342 | 435 | +27.2% |
Summary: The Traverse City real estate market had 435 homes for sale in May 2024, a 27.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 18 | 19 | +5.6% |
2 Bedrooms | 84 | 100 | +19.0% |
3 Bedrooms | 149 | 189 | +26.8% |
4 Bedrooms | 67 | 99 | +47.8% |
5+ Bedrooms | 24 | 28 | +16.7% |
Summary: The Traverse City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 19%, 3 bedroom homes increased by 26.8%, 4 bedroom homes increased by 47.8%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
80 | 95 | +18.8% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
29 Homes Were Sold
At Asking
28 Homes Were Sold
Over Asking
Summary: A total of 95 homes were sold or pending in Traverse City in May 2024, up by 18.8% month-over-month. Of the 89 sold homes, 36% were sold under asking, 33% were sold at asking, and 31% were sold over asking.
Days on Market for Traverse City, MI
How long does it take to sell a home in Traverse City, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
81 Days | 41 Days | -48.3% |
Summary: Homes in Traverse City had an average of 41 days on market in May 2024, down by 48.3% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
44 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Summary: During May 2024, 95 homes were sold in Traverse City; 41% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.